Kohl’s Corp (KSS.N) on Friday adopted a shareholder rights plans to protect itself from hostile takeovers, days after receiving buyout offers that the retailer said undervalued it.
Last month, activist investor Starboard Value-backed Acacia Research Corp (ACTG.O) offered to buy the department-store chain for $64 a share, valuing it at roughly $9 billion.
Around the same time, sources told Reuters that Sycamore Partners was also preparing an all-cash offer for Kohl’s at $65 per share.
Source: Reuters